* Adjusted measures referenced in this release are detailed in the
Supplemental Disclosures at the end of this release.

Viacom Inc. (NASDAQ: VIAB, VIA) today reported results for the fiscal
third quarter of 2014, ended June 30, 2014. Revenues were $3.42 billion,
a decrease of 7%, with declines in Filmed Entertainment partially offset
by an increase in Media Networks revenues. Operating income was $1.09
billion, as gains in Filmed Entertainment were offset by lower Media
Networks operating income. Adjusted net earnings from continuing
operations attributable to Viacom decreased to $618 million, and
adjusted diluted earnings per share from continuing operations were up
10% to $1.42 per diluted share.

Sumner M. Redstone, Executive Chairman of Viacom, said, “Viacom
continues its mission to develop the world’s most exciting media brands
and compelling entertainment. As the industry landscape continues to
evolve, our business is very well positioned.”

Philippe Dauman, President and Chief Executive Officer of Viacom, said,
“It was a solid quarter for Viacom. We delivered nearly $1 billion to
shareholders through buybacks and dividends and continued to build on
our success in creating outstanding content and focused brands that
connect deeply with audiences across all platforms. Our Media Networks
distribution relationships continue to expand, providing broader
opportunities for fans to enjoy Viacom’s content. Successful series and
high-profile event programming on our networks create powerful
experiences for audiences and valuable opportunities for advertisers,
while driving industry-leading social engagement. We announced our
agreement to acquire major British broadcaster Channel 5 in the quarter,
which will increase our presence in an important global market.
Paramount is poised for an outstanding summer, kicked off by Transformers:
Age of Extinction which is already a record-setting global hit and
the number one film of all time in China. In addition, the
highly-anticipated Teenage Mutant Ninja Turtles premieres Friday
for fans around the world.”

Revenues

(in millions)

Quarter Ended June 30,

B/(W)

Nine MonthsEnded June 30,

B/(W)

2014

2013

2014 vs.2013

2014

2013

2014 vs.2013

Media Networks

$

2,591

$

2,569

1

%

$

7,507

$

7,196

4

%

Filmed Entertainment

856

1,158

(26

)

2,368

3,074

(23

)

Eliminations

(26

)

(34

)

NM

(83

)

(128

)

NM

Total Revenues

$

3,421

$

3,693

(7

)%

$

9,792

$

10,142

(3

)%

NM - Not Meaningful

Quarterly revenues were $3.42 billion. Media Networks revenues
increased 1%, to $2.59 billion, driven by higher advertising revenues,
which rose 1% domestically and 2% on a worldwide basis. Worldwide
affiliate fee revenues were flat in the quarter, as rate increases were
more than offset by lower revenues from certain distribution
arrangements which are affected by the timing of available programming.
Excluding the impact of these distribution arrangements, the domestic
affiliate revenue growth rate in the quarter was in the low
double-digits. Filmed Entertainment revenues declined to $856 million,
driven by a 43% decrease in theatrical revenues due to the number and
timing of releases. Worldwide home entertainment revenues decreased 24%,
impacted by a decline in revenue from carryover and current quarter
titles.

Operating Income (Loss)

(in millions)

Quarter Ended June 30,

B/(W)

Nine Months Ended June 30,

B/(W)

2014

2013

2014 vs. 2013

2014

2013

2014 vs. 2013

Media Networks

$

1,121

$

1,158

(3

)%

$

3,184

$

3,061

4

%

Filmed Entertainment

55

17

224

(8

)

(57

)

86

Corporate expenses

(61

)

(54

)

(13

)

(164

)

(171

)

4

Equity-based compensation

(30

)

(35

)

14

(93

)

(95

)

2

Eliminations

1

(1

)

NM

(1

)

(9

)

NM

Operating income

$

1,086

$

1,085

—

$

2,918

$

2,729

7

%

NM - Not Meaningful

Operating income was $1.09 billion in the quarter. Media Networks
adjusted operating income decreased 3%, reflecting lower revenues from
certain distribution arrangements and an increase in programming
expense. Filmed Entertainment adjusted operating income increased by $38
million, reflecting lower film and distribution expenses.

For the quarter ended June 30, 2014, Viacom repurchased 10.0 million
shares under its stock repurchase program, for an aggregate purchase
price of $850 million. As of August 5, 2014, Viacom had $7.15 billion
remaining in its $20 billion stock repurchase program. As of June 30,
2014, Viacom had 424 million shares of common stock outstanding.

Debt

At June 30, 2014, total debt outstanding, including capital lease
obligations, was $12.78 billion, compared with $11.89 billion at
September 30, 2013. The Company’s cash balances were $1.59 billion at
June 30, 2014, a decrease from $2.4 billion at September 30, 2013.

For more information about Viacom and its businesses, visit www.viacom.com.
Viacom may also use social media channels to communicate with its
investors and the public about the company, its brands and other
matters, and those communications could be deemed to be material
information. Investors and others are encouraged to review posts on
Viacom’s company blog (blog.viacom.com), Twitter feed (www.twitter.com/viacom)
and Facebook page (http://www.facebook.com/viacom).

Cautionary Statement Concerning Forward-Looking Statements

This news release contains both historical and forward-looking
statements. All statements that are not statements of historical fact
are, or may be deemed to be, forward-looking statements. Forward-looking
statements reflect our current expectations concerning future results,
objectives, plans and goals, and involve known and unknown risks,
uncertainties and other factors that are difficult to predict and which
may cause future results, performance or achievements to differ. These
risks, uncertainties and other factors include, among others: the public
acceptance of our programs, motion pictures and other entertainment
content on the various platforms on which they are distributed;
technological developments and their effect in our markets and on
consumer behavior; competition for audiences and distribution; the
impact of piracy; economic conditions generally, and in advertising and
retail markets in particular; fluctuations in our results due to the
timing, mix and availability of our motion pictures and other
programming; changes in the Federal communications laws and regulations;
other domestic and global economic, business, competitive and/or
regulatory factors affecting our businesses generally; and other factors
described in our news releases and filings with the Securities and
Exchange Commission, including but not limited to our 2013 Annual Report
on Form 10-K and reports on Form 10-Q and Form 8-K. The forward-looking
statements included in this document are made only as of the date of
this document, and we do not have any obligation to publicly update any
forward-looking statements to reflect subsequent events or
circumstances. If applicable, reconciliations for any non-GAAP financial
information contained in this news release are included in this news
release or available on our website at http://www.viacom.com.

Treasury stock, 366.6 and 336.3 common shares held in treasury,
respectively

(18,375

)

(15,825

)

Retained earnings

12,878

11,629

Accumulated other comprehensive loss

(76

)

(101

)

Total Viacom stockholders’ equity

4,151

5,193

Noncontrolling interests

35

(3

)

Total equity

4,186

5,190

Total liabilities and equity

$

22,948

$

23,829

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION

The following tables reconcile our results for the quarter and nine
months ended June 30, 2014 and the quarter and nine months ended June
30, 2013 to adjusted results that exclude the impact of certain items
identified as affecting comparability ("Factors Affecting
Comparability"), including the loss on extinguishment of debt and
discrete tax benefits. We use consolidated adjusted operating income,
adjusted net earnings from continuing operations attributable to Viacom
and adjusted diluted earnings per share ("EPS") from continuing
operations, as applicable, among other measures, to evaluate our actual
operating performance and for planning and forecasting of future
periods. We believe that the adjusted results provide relevant and
useful information for investors because they clarify our actual
operating performance, make it easier to compare Viacom’s results with
those of other companies and allow investors to review performance in
the same way as our management. Since these are not measures of
performance calculated in accordance with accounting principles
generally accepted in the United States of America ("GAAP"), they should
not be considered in isolation of, or as a substitute for, operating
income, net earnings from continuing operations attributable to Viacom
and diluted EPS as indicators of operating performance, and they may not
be comparable to similarly titled measures employed by other companies.

(in millions, except per share amounts)

Quarter Ended June 30, 2014

OperatingIncome

Pre-tax Earningsfrom ContinuingOperations

Net Earnings fromContinuing OperationsAttributable
to Viacom

Diluted EPS fromContinuingOperations

Reported results

$

1,086

$

942

$

611

$

1.40

Factors Affecting Comparability:

Loss of extinguishment of debt (1)

—

11

7

0.02

Adjusted results

$

1,086

$

953

$

618

$

1.42

Nine Months Ended June 30, 2014

OperatingIncome

Pre-tax Earningsfrom ContinuingOperations

Net Earnings fromContinuing OperationsAttributable
to Viacom

Diluted EPS fromContinuingOperations

Reported results

$

2,918

$

2,506

$

1,660

$

3.73

Factors Affecting Comparability:

Loss on extinguishment of debt (1)

—

11

7

0.02

Discrete tax benefits (2)

—

—

(20

)

(0.05

)

Adjusted results

$

2,918

$

2,517

$

1,647

$

3.70

Quarter Ended June 30, 2013

OperatingIncome

Pre-tax Earningsfrom ContinuingOperations

Net Earnings fromContinuing OperationsAttributable
to Viacom

Diluted EPS fromContinuingOperations

Reported results

$

1,085

$

975

$

647

$

1.32

Factors Affecting Comparability:

Discrete tax benefits (2)

—

—

(12

)

(0.03

)

Adjusted results

$

1,085

$

975

$

635

$

1.29

Nine Months Ended June 30, 2013

OperatingIncome

Pre-tax Earningsfrom ContinuingOperations

Net Earnings fromContinuing OperationsAttributable
to Viacom

Diluted EPS fromContinuingOperations

Reported results

$

2,729

$

2,440

$

1,601

$

3.20

Factors Affecting Comparability:

Discrete tax benefits (2)

—

—

(24

)

(0.05

)

Adjusted results

$

2,729

$

2,440

$

1,577

$

3.15

(1) Adjusted results for the quarter and nine months ended June 30, 2014
exclude a pre-tax debt extinguishment loss of $11 million on the
redemption of all $600 million of our outstanding 4.375% Senior Notes
due September 2014. The tax impact has been calculated using the rate
applicable to this adjustment.

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